Global digital asset banking group Sygnum has successfully raised USD 58 million in its oversubscribed Strategic Growth Round, pushing its post-money valuation above USD 1 billion. The final close saw Fulgur Ventures, a Bitcoin-focused venture capital firm, as the cornerstone investor, alongside both new and existing strategic and financial investors. Sygnum’s team members also participated on equal terms.
With over USD 5 billion in total client assets, Sygnum’s robust balance sheet and CET1 capital will support its future growth. The proceeds from the funding will be used to drive Sygnum’s market expansion into multiple regions, enhance its product portfolio with a focus on Bitcoin-technology, and facilitate strategic acquisitions. Additionally, the funds will strengthen the company’s operational and organizational resilience.
The new capital will enable Sygnum to enter the EU/EEA markets in 2025, establish its regulated presence in Hong Kong, and expand its institutional infrastructure. A key focus will be Bitcoin-related technologies, with an emphasis on driving adoption. The funds will also support investments in compliance teams and state-of-the-art risk management systems to align with the growing trend of regulatory compliance within the industry.
Sygnum’s core business growth played a significant role in the oversubscribed round. The bank saw its 2024 revenues from trading products such as crypto spot, derivatives, FX, and traditional securities surpass the previous year’s total by Q3, marking the second consecutive year of growth. Annual trades increased by over 1,000% YoY, driven by PostFinance and the 20+ banks on its B2B platform offering regulated crypto services to more than a third of Switzerland’s population.
Sygnum’s core business growth was matched by its industry-shaping product launches. In July 2024, Sygnum launched Sygnum Connect, a 24/7 multi-asset settlement network, with members at launch including digital asset exchange AsiaNext and prime broker Hidden Road. A few months earlier, Sygnum also opened up a second new platform, Sygnum Protect, exclusively to its global institutional client base. This platform enables them to continue trading on major crypto exchanges while holding their flexible choice of collateral in secure, bank-grade and bankruptcy-remote custody with Sygnum.
Mathias Imbach, Sygnum Co-Founder and Group CEO, comments that: “Sygnum reaching Unicorn status is a strong validation by the market of our business model, strategy and team. While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one. As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long-term. In that way, Sygnum’s mission is only at the very beginning.”
Gerald Goh, Co-Founder and CEO APAC, says: “The successful completion of our Strategic Growth Round is proof of Sygnum’s strong and unique position as a leading regulated financial institution in the global digital asset industry. Offering trusted institutional infrastructure and regulated services for digital assets will continue to be the foundation for Sygnum’s future growth strategy.”
Oleg Mikhalsky, Partner of Fulgur Ventures, adds: “”Fulgur is a venture capital firm that continues to drive investment into the accelerating convergence of Bitcoin and institutional financial markets. Sygnum’s market-tested infrastructure, digital asset-native team and global ecosystem makes them the ideal partner to co-develop innovative Bitcoin-related financial products and technologies – as well as for future collaborations with other Fulgur portfolio companies. We are proud to be the cornerstone investor for the final close of Sygnum’s Strategic Growth Round, which coincides with a potential inflection point for Bitcoin’s institutional adoption and regulatory clarity.”
In FY 2024, Sygnum achieved operational profitability and continued to grow its 2,000-strong institutional client base domiciled in over 70 countries, serviced through its regulated operations in Switzerland, Singapore and Abu Dhabi. The group is also regulated in the established global financial hub of Luxembourg and was recently registered in Liechtenstein.
